USANCGreenvilleNot in Subdivision1901 Us Highway 264 E

1901 Us Highway 264 E, Greenville, NC

Name: 1901 Us Highway 264 E, For Sale in Greenville - eXp Realty
Brand: Berkshire Hathaway HomeServices Prime Properties
SKU: 100576174
Price: 120000 USD

House

For Sale

Listed price in listed location currency (USD).

$120,000

000

MLS® 100576174

Key Facts
Description
Map

Key Facts

Type

Levels Land

Size -

Garage

Taxes

Days Active 0

Lot Size

Approx. Age

MLS® Number 100576174

Property Address: 1901 Us Highway 264 E, Greenville, NC, 27834

Average square foot calculated using Size range provided by listing agent.

Description

Parcel 23817 contains +/- 38 acres (per my measurement of the aerial tax map) of woodland on the north and the south side of the I 587 corridor. The acreage on the north side of the I 587 W corridor has access via Silas Lane, a gravel private right of way, and is in the Greenville ETJ. It is zoned RA 20 for low density residential use. The property owner reports the cell tower has been purchased by Crown Castle Towers 09, LLC and the site is no longer leased. The south side contains a billboard that is leased to the Lamar Companies. The billboard site will most likely be purchased by the Lessee. The most recent lease renewal became effective on June 17, 2019 for a 10-year term. The lease specifies an automatic 10-year renewal at the same terms and conditions. Thus, the lease is relatively long-term with approximately 14 years remaining on the term. Owner reports that the annual rent is $2, 000. No rent escalations are specified in the lease agreement. The Lessee has the Right of First Refusal to purchase the billboard site if the Lessor elects to sell the property. The Lessee also has the right to purchase a perpetual easement for the billboard site for 6 times the annual rent or $12, 000 if the Lessor opts to sell the property. The Lessee also has the right to terminate the lease at lease at any time by providing written notice. Nevertheless, the lease is expected to be renewed for the foreseeable future. The value of this lease is calculated by discounting the income stream to present value. A 6% discount rate is used in this analysis since this rate appears to be appropriate in the current market. The present value factor for an ordinary level annuity at a 6% discount rate for a 14-year term is 9.294984. Thus, the present value of the $2, 000 annual income stream is $18, 589.97. The legal description is outdated as well as the acreage for the property on the county tax site from where I 587 passed through decades ago. It will be the buyer's responsibility to obtain a survey for title insurance.

MLS® Number100576174

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age

Basement

Driveway

Garage Spaces

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

May 22, 2026List Date

$120,000List Price

Commute

Commute

Starting Address

Destination Address

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